nickel price bounces back of LME on Jul
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Update time : 2021-07-14 18:16:49
The price of nickel on the London Metal Exchange (LME) rebounded by US$99/ton yesterday (July 13), closing at US$18,778/ton. The spot price also rose back by US$92.5/ton to US$18,768.5/ton.
The current average nickel price of this month is US$18,405/ton, higher than the US$17,981/ton in the previous month.
Meanwhile, LME’s market inventory of nickel continued sliding, down by 732 tons to 226,230 tons. The cumulative decrease in July has reached 6,246 tons so far.
According to market participants, China’s stainless steel prices surged, and the imports of ferronickel decreased, triggering market concerns on supply shortage, all of which were supports for nickel prices.
Besides, the decrease in nickel inventory boosted nickel prices again. Therefore, it was predicted that nickel prices will keep in a strong trend.
